Consumer sentiment in the United States remained close to a record low in October as rising prices and concerns about purchasing power continued to weigh on household finances ahead of the November 3 midterm elections.
The University of Michigan’s Consumer Sentiment Index edged down to 48.0 in October from 48.1 in September. Although the final reading was higher than the preliminary estimate of 46.3, it remained the second-lowest on record, above the all-time low of 44.8 recorded in May.
Survey director Joanne Hsu said purchasing power remained the dominant factor shaping consumers’ views of the economy. Sentiment was 10 per cent below its level a year earlier and 15 per cent lower than in February, before the conflict involving the United States, Israel and Iran intensified.
Inflation expectations also increased. Consumers expect prices to rise by 4.7 per cent over the next year, up from 4.6 per cent in September and 3.4 per cent in February. Five-year inflation expectations rose to 3.5 per cent from 3.4 per cent.
The decline in sentiment was led by independent voters, whose index fell to 42.4 from 47.7 in September. Sentiment improved among Democrats and Republicans, although concerns about rising living costs remained widespread.
The findings come as Americans prepare to vote in elections that will determine control of Congress for the final two years of President Donald Trump’s term. Persistent affordability concerns have placed household finances and inflation at the centre of the political debate.
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